January canola is up $7.20 per metric ton (mt), Dec soybean oil is up .48 cents per pound, February European rapeseed is up 4.00 euro per mt and December Malaysian palm oil is down .96%. Dec oats are down 1/4 cent per bushel. December crude oil is up $.26 per barrel, December ULSD is up $.0014 per gallon, and the December Canadian dollar is up .00200 at .71195. The December U.S. Dollar Index is down .250 at 99.335 and the December Brazilian real is up .00060 at 0.18645.

Oilseed markets are leading the way higher as midday approaches with most nearing their highs of the day. At midmorning, the EPA published a ruling on 16 previous small refinery exemption applications (from 2021-2024) with little market impact being the overall outcome. Two were granted a 100% exemption, two were denied and the remaining dozen received a 50% exemption.

The strength on display is quite interesting considering another risk-off day seems to be unfolding in outside markets. Treasuries have turned higher, the selloff in equities has intensified (led again by the Nasdaq and AI-related stocks), energy markets have weakened with even diesel futures giving up strong gains seen overnight, and the U.S. dollar pressure is intensifying.

So, with the strength in the oilseed markets in particular -- either the other shoe is yet to drop, or we may be seeing some movement of funds out of equities into commodities. Time will tell.

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